November 2022

30 November 2022 – Trade growth is likely to slow in the closing months of 2022 and into 2023, according to the latest WTO Goods Trade Barometer released yesterday (November 28), as the global economy continues to be buffeted by strong headwinds. The current reading of 96.2 is below both the baseline value for the […]

29 November 2022 – Forecasters and analysts Oxford Economics Africa warn South Africa is likely to record the slowest growth among major African economies next year. According to their Africa 2023 Outlook, released on Friday, South Africa’s gross domestic product (GDP) will grow by a mere 1% next year, while Senegal is anticipated to be

28 November 2022 – The tide is turning for the ocean freight industry as analysts continue to predict a cooling of freight rates after two years of rising rates and overstretched capacity. “The ocean freight market looks set for an “extremely challenging” 2023,” says rates benchmarking platform Xeneta. “Dark clouds are ahead for the global

25 November 2022 – Business confidence in South Africa has dipped further into contractionary territory as most business owners feel pessimistic about the economic climate and the ongoing power cuts that have crippled activity. The business confidence index (BCI) slipped to 38 in the final quarter of 2022, with more than six out of 10

24 November 2022 – The Organisation for Economic Co-operation and Development (OECD) has warned that the challenging global outlook – with a recession forecast next year – has worsened domestic growth prospects for South Africa. In its latest Economic Outlook released by the OECD said the global economy was expected to slow further in the

23 November 2022 – The South African Poultry Association (Sapa) will have to continue to “take one for the team”, at least for the next 18 months, as the International Trade Administration Commission (Itac) conducts a sunset review of US anti-dumping tariffs, which expire tomorrow. Earlier this month, Itac began a sunset review of the US’s tariffs

22 November 2022 – S&P Global ratings agency has affirmed South Africa’s long term foreign and local currency debt ratings at ‘BB-’ and ‘BB’, respectively, with a positive outlook. The ratings agency downgraded South Africa’s government bonds deeper into junk territory with a stable outlook in April 2020 on the economic impact of the Covid-19

21 November – According to Allianz Trade, after two years of decline, global business insolvencies should rise in 2022 and 2023 and catch up with their pre-pandemic levels by the end of next year. The high energy bill, rising interest rates and wages will weigh heavily on corporates’ profitability and cash flows. The current fiscal

18 October 2022 – Trade conditions in South Africa remained constrained in October due to intensified power cuts, elevated inflationary pressures and rising interest rates, but showed signs of remaining stable in the coming months. The South African Chamber of Commerce and Industry (Sacci) yesterday said 42% of businesses surveyed in October experienced subdued trade

18 November 2022 – South Africa’s economy is likely to have averted a technical recession in the third quarter despite record power outages, key data indicates. Better-than-expected mining and manufacturing output is set to outweigh relatively soft retail sales data, suggesting SA returned to growth in the third quarter after contracting 0.7% in the prior